Oil pares gains, but ends higher after Friday slump | Reuters
Oil pared gains late on Monday, but finished the session higher as investors viewed Friday's slump in oil and financial markets as overdone absent more data on the Omicron coronavirus variant.
Brent briefly surged above $77 a barrel, while U.S. crude touched highs above $72. However, both contracts gave up gains late in the session.
Brent crude futures settled at $73.44 a barrel, up 72 cents or 1%, having slid by $9.50 on Friday. U.S. West Texas Intermediate (WTI) crude settled up $1.80, or 2.6% at $69.95 a barrel. The contract tumbled $10.24 in the previous session.
In post-settlement trade, Brent briefly turned into negative territory on thin volumes.
Monday, 29 November 2021
Investment Corporation of #Dubai’s H1-2021 revenues at Dh75.2 in ‘significant performance’ | Markets – Gulf News
Investment Corporation of Dubai’s H1-2021 revenues at Dh75.2 in ‘significant performance’ | Markets – Gulf News
Dubai Government’s investment arm ICD generated revenues of Dh75.2 billion in the first six months of this year, which amounts to a “significantly stronger performance” than in the same period last year. Net profits for Investment Corporation of Dubai came to Dh1.4 billion, again a major turnaround from last year.
Last year, with all the challenges of COVID-19 to deal with, revenues were Dh73.7 billion and slipped into a net loss of Dh9.4 billion.
“We made significant progress on our return to profitability, reaping the benefits of efficient cost management, and rallying commodity prices and financial markets. The recovery was also assisted by the continued support from the Government to businesses,” said Mohammed Ibrahim Al Shaibani, Managing Director.
ICD lists assets such as Emirates Group as part of its portfolio. At the end of June, assets were valued at Dh1.10 trillion and liabilities of Dh874.8 billion, which is “essentially flat compared to year-end 2020”.
Dubai Government’s investment arm ICD generated revenues of Dh75.2 billion in the first six months of this year, which amounts to a “significantly stronger performance” than in the same period last year. Net profits for Investment Corporation of Dubai came to Dh1.4 billion, again a major turnaround from last year.
Last year, with all the challenges of COVID-19 to deal with, revenues were Dh73.7 billion and slipped into a net loss of Dh9.4 billion.
“We made significant progress on our return to profitability, reaping the benefits of efficient cost management, and rallying commodity prices and financial markets. The recovery was also assisted by the continued support from the Government to businesses,” said Mohammed Ibrahim Al Shaibani, Managing Director.
ICD lists assets such as Emirates Group as part of its portfolio. At the end of June, assets were valued at Dh1.10 trillion and liabilities of Dh874.8 billion, which is “essentially flat compared to year-end 2020”.
Aramco CEO Nasser Stays Bullish on Oil Demand After Friday’s Price Rout - Bloomberg
Aramco CEO Nasser Stays Bullish on Oil Demand After Friday’s Price Rout - Bloomberg
Oil demand will bounce back to what it was before the coronavirus pandemic crushed energy use last year, and a rout in prices last week was based on unfounded fears of new variants of the disease, the head of Saudi Aramco said.
The market “over-reacted” to news of the new omicron coronavirus variant when prices plunged Friday, Chief Executive Officer Amin Nasser said Monday.
“We’re very optimistic about demand,” he told reporters in Dhahran, the center of Saudi Arabia’s oil business along the country’s Persian Gulf coast. “We’re seeing a good response from the markets, especially in Asia.”
Crude recouped some its losses on Monday after the end-of-week rout that saw U.S. oil plunge more than 10%, slumping below $70 for the first time since September.
Oil demand will bounce back to what it was before the coronavirus pandemic crushed energy use last year, and a rout in prices last week was based on unfounded fears of new variants of the disease, the head of Saudi Aramco said.
The market “over-reacted” to news of the new omicron coronavirus variant when prices plunged Friday, Chief Executive Officer Amin Nasser said Monday.
“We’re very optimistic about demand,” he told reporters in Dhahran, the center of Saudi Arabia’s oil business along the country’s Persian Gulf coast. “We’re seeing a good response from the markets, especially in Asia.”
Crude recouped some its losses on Monday after the end-of-week rout that saw U.S. oil plunge more than 10%, slumping below $70 for the first time since September.
Oil gains more than 3% on speculation Omicron-related drop overdone | Reuters
Oil gains more than 3% on speculation Omicron-related drop overdone | Reuters
Oil bounded upward Monday, briefly touching highs above $77 a barrel as some investors viewed Friday's slump in oil and financial markets as overdone absent more data on the Omicron coronavirus variant.
If the new variant of the virus proves vaccine resistant or more contagious than other variants, it could impact travel, commerce and petroleum demand.
Top officials from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, echoed that view, with the Saudi energy minister quoted as saying he was not worried about the Omicron variant.
The World Health Organization has said it could take weeks to understand the variant's severity, though a South African doctor who has treated cases said symptoms seemed to be mild so far. read more
Brent crude was up $2.28, or 3%, at $75.02 a barrel by 12:29 p.m. Eastern (1729 GMT), having slid by $9.50 on Friday. U.S. West Texas Intermediate (WTI) crude was up $2.93, or 4.3%, at $71.08, having tumbled by $10.24 in the previous session. Brent briefly surged above $77 a barrel, while U.S. crude went above $72.
Brent prices have given up $10 in the past two weeks.
Oil bounded upward Monday, briefly touching highs above $77 a barrel as some investors viewed Friday's slump in oil and financial markets as overdone absent more data on the Omicron coronavirus variant.
If the new variant of the virus proves vaccine resistant or more contagious than other variants, it could impact travel, commerce and petroleum demand.
Top officials from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, echoed that view, with the Saudi energy minister quoted as saying he was not worried about the Omicron variant.
The World Health Organization has said it could take weeks to understand the variant's severity, though a South African doctor who has treated cases said symptoms seemed to be mild so far. read more
Brent crude was up $2.28, or 3%, at $75.02 a barrel by 12:29 p.m. Eastern (1729 GMT), having slid by $9.50 on Friday. U.S. West Texas Intermediate (WTI) crude was up $2.93, or 4.3%, at $71.08, having tumbled by $10.24 in the previous session. Brent briefly surged above $77 a barrel, while U.S. crude went above $72.
Brent prices have given up $10 in the past two weeks.
#Dubai faces up to rivals as it plans stock exchange revival with IPO offerings | Financial Times
Dubai faces up to rivals as it plans stock exchange revival with IPO offerings | Financial Times
Competition is heating up in the capital markets of the United Arab Emirates, as Dubai seeks to revive its ailing stock exchange with a flurry of initial public offerings.
The government of the UAE’s commercial hub plans to privatise 10 state-backed companies, listing some of their shares on Dubai’s domestic bourse in a bid to rival the success of neighbouring emirate Abu Dhabi and regional powerhouse Saudi Arabia. Officials also hope to root more regulatory oversight within Dubai, rather than keeping it at a federal level.
Those moves come after several lacklustre years for Dubai equities, which have failed to revisit the dizzy heights reached during the mid-2000s.
Dubai’s government launched its stock exchange with a Dh50m ($14m) bank loan in 2000. Within half a decade, the fledgling bourse had soared to a total market capitalisation of $120bn, three times the size of Dubai’s gross domestic product at the time.
Gulf bourses rebound as calm returns after Omicron battering | Reuters
Gulf bourses rebound as calm returns after Omicron battering | Reuters
Stock markets in the Gulf rebounded on Monday, mirroring oil prices and global shares as investors waited for more details to assess the severity of the Omicron coronavirus variant on the world economy.
European shares and U.S. stock futures firmed, oil prices bounced more than $3 a barrel, while safe-haven bonds lost ground as markets latched on to hopes the new variant of concern would prove to be "mild". read more
Saudi Arabia's benchmark index (.TASI) rose 0.2%, with Al Rajhi Bank (1120.SE) rising 0.9% and SABIC Agri-Nutrients Co (2020.SE) advancing 4.5%.
Saudi Tadawul Group, which operates the kingdom's stock exchange, raised 3.78 billion riyals ($1.01 billion) on Sunday via an initial public offering that was priced at the top of the indicated range and oversubscribed 121 times. read more
Saudi energy minister Prince Abdulaziz bin Salman al-Saud said on Monday he was not worried about the Omicron coronavirus variant, Asharq Business reported, after crude prices plunged last week on fears the new variant would hammer demand.
Meanwhile, an OPEC+ technical meeting was postponed to Wednesday and an OPEC+ ministerial committee meeting moved to Thursday "to buy time to review things" in light of the new variant development.
Dubai's main share index (.DFMGI) closed 1.8% higher, buoyed by a 3.6% leap in blue-chip developer Emaar Properties (EMAR.DU) and a 2.1% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
Dubai, the travel and tourism hub of the Middle East, on Sunday slid 5.2%, its biggest fall since March 2020.
In Abu Dhabi, the index (.ADI) concluded 2.2%, hitting a record high, boosted by a 5.8% jump in telecoms firm Etisalat (ETISALAT.AD).
Amazon (AMZN.O) has partnered with Abu Dhabi Investment Office to establish a fulfilment centre by 2024 to be built in accordance with the company's carbon-reduction strategies, the Abu Dhabi government's media office said on Sunday. read more
The Qatari benchmark (.QSI) edged 0.1% higher, helped by a 1.3% rise in petrochemical maker Industries Qatar (IQCD.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.6%, dragged down by a 10.1% plunge in tobacco monopoly Eastern Company (EAST.CA) as the stock traded ex-dividend.
Stock markets in the Gulf rebounded on Monday, mirroring oil prices and global shares as investors waited for more details to assess the severity of the Omicron coronavirus variant on the world economy.
European shares and U.S. stock futures firmed, oil prices bounced more than $3 a barrel, while safe-haven bonds lost ground as markets latched on to hopes the new variant of concern would prove to be "mild". read more
Saudi Arabia's benchmark index (.TASI) rose 0.2%, with Al Rajhi Bank (1120.SE) rising 0.9% and SABIC Agri-Nutrients Co (2020.SE) advancing 4.5%.
Saudi Tadawul Group, which operates the kingdom's stock exchange, raised 3.78 billion riyals ($1.01 billion) on Sunday via an initial public offering that was priced at the top of the indicated range and oversubscribed 121 times. read more
Saudi energy minister Prince Abdulaziz bin Salman al-Saud said on Monday he was not worried about the Omicron coronavirus variant, Asharq Business reported, after crude prices plunged last week on fears the new variant would hammer demand.
Meanwhile, an OPEC+ technical meeting was postponed to Wednesday and an OPEC+ ministerial committee meeting moved to Thursday "to buy time to review things" in light of the new variant development.
Dubai's main share index (.DFMGI) closed 1.8% higher, buoyed by a 3.6% leap in blue-chip developer Emaar Properties (EMAR.DU) and a 2.1% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
Dubai, the travel and tourism hub of the Middle East, on Sunday slid 5.2%, its biggest fall since March 2020.
In Abu Dhabi, the index (.ADI) concluded 2.2%, hitting a record high, boosted by a 5.8% jump in telecoms firm Etisalat (ETISALAT.AD).
Amazon (AMZN.O) has partnered with Abu Dhabi Investment Office to establish a fulfilment centre by 2024 to be built in accordance with the company's carbon-reduction strategies, the Abu Dhabi government's media office said on Sunday. read more
The Qatari benchmark (.QSI) edged 0.1% higher, helped by a 1.3% rise in petrochemical maker Industries Qatar (IQCD.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.6%, dragged down by a 10.1% plunge in tobacco monopoly Eastern Company (EAST.CA) as the stock traded ex-dividend.
Emirates Investment Authority aims to double assets in 10 years, WAM reports | Reuters
Emirates Investment Authority aims to double assets in 10 years, WAM reports | Reuters
The Emirates Investment Authority aims to double the size of its assets in the next 10 years with an investment policy aimed at increasing returns, state news agency WAM reported on Monday.
The authority will invest in a group of financial portfolios, via its existing assets or by investing in new companies, WAM added.
The Emirates Investment Authority aims to double the size of its assets in the next 10 years with an investment policy aimed at increasing returns, state news agency WAM reported on Monday.
The authority will invest in a group of financial portfolios, via its existing assets or by investing in new companies, WAM added.
#AbuDhabi’s Sovereign Fund Mubadala Plans Investment in Singapore Data Center - Bloomberg
Abu Dhabi’s Sovereign Fund Mubadala Plans Investment in Singapore Data Center - Bloomberg
Mubadala Investment Co., an Abu Dhabi sovereign fund, is considering investing in Princeton Digital Group Pte as part of the Asia-focused data center operator’s fundraising plans, according to people familiar with the matter.
Mubadala is likely to become the anchor investor of the round, the people said, asking not to be identified because the process is private. Others are set to join as part of the financing over the coming weeks, the people said.
Singapore-based Princeton Digital, which is backed by private equity firm Warburg Pincus, has been considering raising about $400 million from investors in a deal that could boost its valuation to about $2 billion, Bloomberg News reported in June. The fundraising would serve as a stepping stone ahead of a potential initial public offering, people familiar with the matter have said.
No final decision has been made as the deliberations are still ongoing, and talks could still fall apart, the people said. Representatives for Mubadala and Warburg Pincus declined to comment, while Princeton Digital didn’t immediately respond to a request for comment.
Princeton Digital runs 20 data centers in 14 cities across countries including China, Singapore, India, Indonesia and Japan, according to its website. Warburg Pincus invested in and helped set up the company in 2017, along with Princeton Digital Chairman and Chief Executive Officer Rangu Salgame and Chief Operating Officer Varoon Raghavan.
Last year, the company got $360 million in equity investment led by Canadian pension fund Ontario Teachers’ Pension Plan Board, the website shows. The firm secured a $230 million debt refinancing this year to support its $1 billion expansion plans in China.
Mubadala Investment Co., an Abu Dhabi sovereign fund, is considering investing in Princeton Digital Group Pte as part of the Asia-focused data center operator’s fundraising plans, according to people familiar with the matter.
Mubadala is likely to become the anchor investor of the round, the people said, asking not to be identified because the process is private. Others are set to join as part of the financing over the coming weeks, the people said.
Singapore-based Princeton Digital, which is backed by private equity firm Warburg Pincus, has been considering raising about $400 million from investors in a deal that could boost its valuation to about $2 billion, Bloomberg News reported in June. The fundraising would serve as a stepping stone ahead of a potential initial public offering, people familiar with the matter have said.
No final decision has been made as the deliberations are still ongoing, and talks could still fall apart, the people said. Representatives for Mubadala and Warburg Pincus declined to comment, while Princeton Digital didn’t immediately respond to a request for comment.
Princeton Digital runs 20 data centers in 14 cities across countries including China, Singapore, India, Indonesia and Japan, according to its website. Warburg Pincus invested in and helped set up the company in 2017, along with Princeton Digital Chairman and Chief Executive Officer Rangu Salgame and Chief Operating Officer Varoon Raghavan.
Last year, the company got $360 million in equity investment led by Canadian pension fund Ontario Teachers’ Pension Plan Board, the website shows. The firm secured a $230 million debt refinancing this year to support its $1 billion expansion plans in China.
Domestic politics to test #Kuwait's crown prince in push for fiscal reform | Reuters
Domestic politics to test Kuwait's crown prince in push for fiscal reform | Reuters
The biggest task facing Kuwait's octogenarian crown prince after unexpectedly stepping in for the emir this month will be to tackle the perennial political feuding which has long blocked badly needed fiscal reform in the wealthy oil producer.
Previously a low-profile figure who avoided public politics, little was known about Sheikh Meshal al-Ahmad al-Sabah, 81, who was security chief and then deputy of the National Guard before being named crown prince by his half-brother the emir in 2020.
On Nov. 15, he was moved further into the spotlight when a frail-looking emir temporarily handed him most of his duties as Kuwait focuses on recovering from a coronavirus downturn, though higher oil prices have eased pressure on finances.
Before the handover, the emir undertook conciliatory moves to defuse a standoff between government and the elected parliament that paralysed legislative work with only one regular session proceeding this year to approve the state budget.
The biggest task facing Kuwait's octogenarian crown prince after unexpectedly stepping in for the emir this month will be to tackle the perennial political feuding which has long blocked badly needed fiscal reform in the wealthy oil producer.
Previously a low-profile figure who avoided public politics, little was known about Sheikh Meshal al-Ahmad al-Sabah, 81, who was security chief and then deputy of the National Guard before being named crown prince by his half-brother the emir in 2020.
On Nov. 15, he was moved further into the spotlight when a frail-looking emir temporarily handed him most of his duties as Kuwait focuses on recovering from a coronavirus downturn, though higher oil prices have eased pressure on finances.
Before the handover, the emir undertook conciliatory moves to defuse a standoff between government and the elected parliament that paralysed legislative work with only one regular session proceeding this year to approve the state budget.
#Saudi stock market cashes in on its own growth | Reuters
Saudi stock market cashes in on its own growth | Reuters
Saudi’s bourse is cashing in on its own success. Riyadh’s Tadawul on Sunday priced an initial public offering of 30% of its shares at the top end of the previously published range, implying a valuation of 12.6 billion riyals ($3.4 billion). With orders worth 121 times the shares on offer, demand was not quite as exuberant as for the recent listing of ACWA Power (2082.SE) read more . But it is still indicative of a handy market position.
Not counting Tadawul’s own IPO, eight Saudi groups have listed on the domestic exchange this year, according to Refinitiv. That will further boost the bourse’s revenue, which doubled to 1.1 billion riyals between 2018 and 2020. A key driver is the $200 billion Riyadh hopes to raise by partially privatising state-owned groups to pay for the country’s diversification away from oil. Both ACWA and Tadawul are currently owned by Saudi’s $430 billion Public Investment Fund. The pipeline of potential stock offerings helps explain why the Saudi exchange’s implied valuation exceeds 17 times its likely 2021 EBITDA – below New York Stock Exchange owner Intercontinental Exchange (ICE.N) but ahead of European rivals like Deutsche Boerse (DB1Gn.DE). (By George Hay)
Saudi’s bourse is cashing in on its own success. Riyadh’s Tadawul on Sunday priced an initial public offering of 30% of its shares at the top end of the previously published range, implying a valuation of 12.6 billion riyals ($3.4 billion). With orders worth 121 times the shares on offer, demand was not quite as exuberant as for the recent listing of ACWA Power (2082.SE) read more . But it is still indicative of a handy market position.
Not counting Tadawul’s own IPO, eight Saudi groups have listed on the domestic exchange this year, according to Refinitiv. That will further boost the bourse’s revenue, which doubled to 1.1 billion riyals between 2018 and 2020. A key driver is the $200 billion Riyadh hopes to raise by partially privatising state-owned groups to pay for the country’s diversification away from oil. Both ACWA and Tadawul are currently owned by Saudi’s $430 billion Public Investment Fund. The pipeline of potential stock offerings helps explain why the Saudi exchange’s implied valuation exceeds 17 times its likely 2021 EBITDA – below New York Stock Exchange owner Intercontinental Exchange (ICE.N) but ahead of European rivals like Deutsche Boerse (DB1Gn.DE). (By George Hay)
House prices jump 21% as rich flock to #Dubai, but 2021 could be peak of current property cycle | ZAWYA MENA Edition
House prices jump 21% as rich flock to Dubai, but 2021 could be peak of current property cycle | ZAWYA MENA Edition
House prices in Dubai jumped 21 percent this year thanks to the government's response in arresting the spread of COVID-19, which triggered interest in the property market from rich investors outside the emirate, according to a study by global property consultant Knight Frank.
While developers are responding by pushing the envelope and bringing AED 10,000 per square foot homes to the market, more modestly priced properties continue to languish in Dubai's third property cycle. Indeed, residential values overall are still some 29 percent below the 2014 peak.
Faisal Durrani, Partner-Head of Middle East Research, Knight Frank said: “Excellent governance has always been a defining feature of the United Arab Emirates. And the post-Covid bounce currently underway in Dubai’s real estate market, which is driving the emirate’s third property cycle, is a reminder of the authorities’ phenomenal response to the pandemic."
“Yes, buyer habits have evolved over the course of the last 18 months, but the feel-good sentiment injected into the market by the way in which infection rates have been arrested in the UAE has played an incredibly strong part in driving villa prices up by 14 percent since January 2020,” he added.
House prices in Dubai jumped 21 percent this year thanks to the government's response in arresting the spread of COVID-19, which triggered interest in the property market from rich investors outside the emirate, according to a study by global property consultant Knight Frank.
While developers are responding by pushing the envelope and bringing AED 10,000 per square foot homes to the market, more modestly priced properties continue to languish in Dubai's third property cycle. Indeed, residential values overall are still some 29 percent below the 2014 peak.
Faisal Durrani, Partner-Head of Middle East Research, Knight Frank said: “Excellent governance has always been a defining feature of the United Arab Emirates. And the post-Covid bounce currently underway in Dubai’s real estate market, which is driving the emirate’s third property cycle, is a reminder of the authorities’ phenomenal response to the pandemic."
“Yes, buyer habits have evolved over the course of the last 18 months, but the feel-good sentiment injected into the market by the way in which infection rates have been arrested in the UAE has played an incredibly strong part in driving villa prices up by 14 percent since January 2020,” he added.
Morgan Stanley cuts Q1 2022 Brent oil forecast on Omicron risks | Reuters
Morgan Stanley cuts Q1 2022 Brent oil forecast on Omicron risks | Reuters
Morgan Stanley on Monday cut its first quarter 2022 Brent crude price forecast to $82.50 per barrel from $95 on market expectations that the Omicron coronavirus variant could turn into a major headwind for oil demand.
The market appears to be pricing in the possibility that the new variant could prompt restrictions and cut oil demand, amid expectations of oversupply driven by planned release from the Strategic Petroleum Reserve adding to monthly output from the Organization of the Petroleum Exporting Countries and allies (OPEC+), the bank said in a note.
Oil rebounded by almost 5% on Monday to $76 a barrel as some investors viewed Friday's more than 10% slump in oil on concern about the Omicron coronavirus variant as overdone. read more
But while the beginning of next year could see excess supply, spare oil capacity was likely to be eroded by the end of 2022 as inventories draw down further from already low levels.
Morgan Stanley on Monday cut its first quarter 2022 Brent crude price forecast to $82.50 per barrel from $95 on market expectations that the Omicron coronavirus variant could turn into a major headwind for oil demand.
The market appears to be pricing in the possibility that the new variant could prompt restrictions and cut oil demand, amid expectations of oversupply driven by planned release from the Strategic Petroleum Reserve adding to monthly output from the Organization of the Petroleum Exporting Countries and allies (OPEC+), the bank said in a note.
Oil rebounded by almost 5% on Monday to $76 a barrel as some investors viewed Friday's more than 10% slump in oil on concern about the Omicron coronavirus variant as overdone. read more
But while the beginning of next year could see excess supply, spare oil capacity was likely to be eroded by the end of 2022 as inventories draw down further from already low levels.
Oil rebounds to $76 on speculation Omicron-related drop overdone | Reuters
Oil rebounds to $76 on speculation Omicron-related drop overdone | Reuters
Oil rebounded by almost 5% on Monday to $76 a barrel as some investors viewed Friday's slump in oil and financial markets on concern about the Omicron coronavirus variant as overdone.
The World Health Organisation has said it could take weeks to understand the variant's severity, although a South African doctor who has treated cases said symptoms so far seemed to be mild. read more
Brent crude was $3.24, or 4.5%, higher at $75.96 by 1047 GMT, after sliding $9.50 on Friday. U.S. West Texas Intermediate (WTI) crude was up $3.12, or 4.6%, at $71.27, having tumbled $10.24 in the previous session.
"We saw some correction as Friday's plunge in oil prices has been overdone," said Tatsufumi Okoshi, senior economist at Nomura Securities.
Oil rebounded by almost 5% on Monday to $76 a barrel as some investors viewed Friday's slump in oil and financial markets on concern about the Omicron coronavirus variant as overdone.
The World Health Organisation has said it could take weeks to understand the variant's severity, although a South African doctor who has treated cases said symptoms so far seemed to be mild. read more
Brent crude was $3.24, or 4.5%, higher at $75.96 by 1047 GMT, after sliding $9.50 on Friday. U.S. West Texas Intermediate (WTI) crude was up $3.12, or 4.6%, at $71.27, having tumbled $10.24 in the previous session.
"We saw some correction as Friday's plunge in oil prices has been overdone," said Tatsufumi Okoshi, senior economist at Nomura Securities.
Gulf bourses regain some ground after Omicron battering | Reuters
Gulf bourses regain some ground after Omicron battering | Reuters
Major stock markets in the Gulf rebounded on Monday, in line with oil prices and global shares as investors settled in for a few weeks of uncertainty on whether the Omicron variant would really derail economic recoveries and the tightening plans of some central banks.
The new coronavirus variant of concern was found as far afield as Canada and Australia as more countries imposed travel restrictions to try to seal themselves off. read more
Saudi Arabia's benchmark index (.TASI) advanced 1.7%, a day after marking its biggest single-day fall in nearly two years, with Al Rajhi Bank (1120.SE) rising 2.2% and Saudi National Bank (1180.SE), the kingdom's biggest lender, putting on 1.5%.
Elsewhere, utility firm Saudi Electricity (5110.SE) gained more than 1% after the cabinet approved carving out unit Saudi Power Procurement Co and transferring its ownership to the government.
Saudi Tadawul Group, which operates the kingdom's stock exchange, raised 3.78 billion riyals ($1.01 billion) on Sunday via an initial public offering that was priced at the top of the indicated range and 121 times oversubscribed. read more
Dubai's main share index (.DFMGI) leapt 2.8%, boosted by a 4.9% rise in blue-chip developer Emaar Properties (EMAR.DU) and a 2.1% increase in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
Dubai, the travel and tourism hub of the Middle East, on Sunday slid 5.2%, its biggest fall since March 2020.
Oil prices, a key catalyst for the Gulf's financial markets, bounced more than $3 a barrel to recoup a chunk of Friday's shellacking.
In Abu Dhabi, the index (.ADI) gained 1.2%, with Emirates Telecommunications Group (ETISALAT.AD) jumping 3.1% and top lender First Abu Dhabi Bank (FAB.AD) adding 0.2%.
Amazon (AMZN.O) has partnered with Abu Dhabi Investment Office to establish a fulfilment centre by 2024 to be built in accordance with the company's carbon-reduction strategies, the Abu Dhabi government's media office said on Sunday. read more
The Qatari index (.QSI) was up 0.5%, with almost all stocks on the index were in positive territory including petrochemical maker Industries Qatar (IQCD.QA).
Major stock markets in the Gulf rebounded on Monday, in line with oil prices and global shares as investors settled in for a few weeks of uncertainty on whether the Omicron variant would really derail economic recoveries and the tightening plans of some central banks.
The new coronavirus variant of concern was found as far afield as Canada and Australia as more countries imposed travel restrictions to try to seal themselves off. read more
Saudi Arabia's benchmark index (.TASI) advanced 1.7%, a day after marking its biggest single-day fall in nearly two years, with Al Rajhi Bank (1120.SE) rising 2.2% and Saudi National Bank (1180.SE), the kingdom's biggest lender, putting on 1.5%.
Elsewhere, utility firm Saudi Electricity (5110.SE) gained more than 1% after the cabinet approved carving out unit Saudi Power Procurement Co and transferring its ownership to the government.
Saudi Tadawul Group, which operates the kingdom's stock exchange, raised 3.78 billion riyals ($1.01 billion) on Sunday via an initial public offering that was priced at the top of the indicated range and 121 times oversubscribed. read more
Dubai's main share index (.DFMGI) leapt 2.8%, boosted by a 4.9% rise in blue-chip developer Emaar Properties (EMAR.DU) and a 2.1% increase in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
Dubai, the travel and tourism hub of the Middle East, on Sunday slid 5.2%, its biggest fall since March 2020.
Oil prices, a key catalyst for the Gulf's financial markets, bounced more than $3 a barrel to recoup a chunk of Friday's shellacking.
In Abu Dhabi, the index (.ADI) gained 1.2%, with Emirates Telecommunications Group (ETISALAT.AD) jumping 3.1% and top lender First Abu Dhabi Bank (FAB.AD) adding 0.2%.
Amazon (AMZN.O) has partnered with Abu Dhabi Investment Office to establish a fulfilment centre by 2024 to be built in accordance with the company's carbon-reduction strategies, the Abu Dhabi government's media office said on Sunday. read more
The Qatari index (.QSI) was up 0.5%, with almost all stocks on the index were in positive territory including petrochemical maker Industries Qatar (IQCD.QA).
Oil rebounds on speculation OPEC+ may pause output increase | Reuters
Oil rebounds on speculation OPEC+ may pause output increase | Reuters
Oil prices rebounded on Monday as investors looked for bargains after Friday's slump and on speculation that OPEC+ may pause an output increase in response to the spread of Omicron, but the mood remained cautious with little known about the new variant.
Prices jumped over 4%, recovering some ground after plunging more than 10% in the previous trading session. On Friday, oil prices posted their biggest one-day drop since April 2020 as the new variant spooked investors across financial markets.
Brent crude futures climbed $3.17, or 4.4%, to $75.89 a barrel by 0748 GMT, after falling $9.50 on Friday.
U.S. West Texas Intermediate (WTI) crude was up $3.35, or 4.9%, at $71.50 a barrel, having tumbled $10.24 in the previous session.
There are worries the new variant could derail the global economic recovery, potentially hurting oil demand, while it has also added to concerns that a supply surplus could swell in the first quarter. read more
Oil prices rebounded on Monday as investors looked for bargains after Friday's slump and on speculation that OPEC+ may pause an output increase in response to the spread of Omicron, but the mood remained cautious with little known about the new variant.
Prices jumped over 4%, recovering some ground after plunging more than 10% in the previous trading session. On Friday, oil prices posted their biggest one-day drop since April 2020 as the new variant spooked investors across financial markets.
Brent crude futures climbed $3.17, or 4.4%, to $75.89 a barrel by 0748 GMT, after falling $9.50 on Friday.
U.S. West Texas Intermediate (WTI) crude was up $3.35, or 4.9%, at $71.50 a barrel, having tumbled $10.24 in the previous session.
There are worries the new variant could derail the global economic recovery, potentially hurting oil demand, while it has also added to concerns that a supply surplus could swell in the first quarter. read more
IHC subsidiary Multiply to list directly on #AbuDhabi's main market | Reuters
IHC subsidiary Multiply to list directly on Abu Dhabi's main market | Reuters
Multiply Group, a subsidiary of Abu Dhabi conglomerate International Holding Company (IHC.AD) (IHC), will list directly on the Abu Dhabi Securities Exchange on Dec. 5, IHC said on Monday.
Direct listings allow companies to list on the stock market without a traditional and more costly initial public offering.
In October, CEO Syed Basar Shueb told Reuters that IHC was planning to offer shares in Multiply, a holding company that invests in tech-focussed businesses, through an IPO. read more
An IHC spokesperson on Monday did not immediately respond to a request for comment on why those plans were changed.
Multiply had assets of 8.2 billion dirhams ($2.23 billion) at the end of September, IHC said in its bourse filing on Monday.
Multiply Group, a subsidiary of Abu Dhabi conglomerate International Holding Company (IHC.AD) (IHC), will list directly on the Abu Dhabi Securities Exchange on Dec. 5, IHC said on Monday.
Direct listings allow companies to list on the stock market without a traditional and more costly initial public offering.
In October, CEO Syed Basar Shueb told Reuters that IHC was planning to offer shares in Multiply, a holding company that invests in tech-focussed businesses, through an IPO. read more
An IHC spokesperson on Monday did not immediately respond to a request for comment on why those plans were changed.
Multiply had assets of 8.2 billion dirhams ($2.23 billion) at the end of September, IHC said in its bourse filing on Monday.
Oil rebounds on speculation OPEC+ may pause output increase | Reuters
Oil rebounds on speculation OPEC+ may pause output increase | Reuters
Oil prices rebounded on Monday as investors looked for bargains after Friday's slump and on speculation that OPEC+ may pause an output increase in response to the spread of Omicron, but the mood remained cautious with little known about the new variant.
Brent crude futures climbed $3.11, or 4.3%, to $75.83 a barrel by 0355 GMT, after falling $9.50 on Friday.
U.S. West Texas Intermediate (WTI) crude was up $3.47, or 5.1%, at $71.62 a barrel, having tumbled $10.24 in the previous session.
Oil prices plunged more than 10% on Friday - their biggest one-day drop since April 2020 -- as the new variant spooked investors across financial markets.
There are worries the new variant could derail the global economic recovery, potentially hurting oil demand, while it has also added to concerns that a supply surplus could swell in the first quarter.
Oil prices rebounded on Monday as investors looked for bargains after Friday's slump and on speculation that OPEC+ may pause an output increase in response to the spread of Omicron, but the mood remained cautious with little known about the new variant.
Brent crude futures climbed $3.11, or 4.3%, to $75.83 a barrel by 0355 GMT, after falling $9.50 on Friday.
U.S. West Texas Intermediate (WTI) crude was up $3.47, or 5.1%, at $71.62 a barrel, having tumbled $10.24 in the previous session.
Oil prices plunged more than 10% on Friday - their biggest one-day drop since April 2020 -- as the new variant spooked investors across financial markets.
There are worries the new variant could derail the global economic recovery, potentially hurting oil demand, while it has also added to concerns that a supply surplus could swell in the first quarter.
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